The following trial balance was taken from the books of Frisk
Corporation on December 31, 2020.
Cash, Debit: $ 9,000
Accounts Receivable, Debit:50,000
Allowance for Doubtful Accounts, Credit:$ 1,800
Inventory, Debit: 38,800
Equipment, Debit: 100,000
Accumulated Depreciation--Equip., Credit:15,000
Accounts Payable, Credit: 10,800
Common Stock, Credit: 44,000
Dividends, Debit: 5,000
Retained Earnings, Credit: 55,000
Sales Revenue, Credit: 260,000
Cost of Goods Sold, Debit: 121,000
Salaries and Wages Expense, Debit: 50,000
Rent Expense, Debit: 12,800
Totals, Debit: $386,600, Credit: $386,600
Prepare the necessary closing entries.
The following trial balance was taken from the books of Frisk Corporation on December 31, 2020....
The following trial balance was taken from the books of Snap Chat Corporation on December 31, 2019. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $386,600 $386,600 At year end, the following items have not...
The following trial balance was taken from the books of ABC Corporation on December 31, 2020 before any adjustments were made. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 46,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Prepaid Rent 12,000 Dividends 2,800 Totals $388,600 $388,600 At...
Please answer all questions with all work The following trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $406,600 $406,600 Estima...
Problem #5-Adjusting entries - 10 Points The following trial balance was taken from the books ing trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation-Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold Salaries and Wages Expense 50,000 Rent...
The following trial balance was taken from the books of Eaton Corporation on December 31, 20X6. Account Debit Credit Cash $10,000 Accounts Receivable 40,000 Notes Receivable 7,000 Allowance for Doubtful Accounts $0 Inventory, January 1, 20X6 51,000 Prepaid Insurance 4,800 Supplies 7,300 Furniture and Equipment 120,000 Accumulated Depreciation of F & E 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 65,000 Sales 290,000 Purchases 131,000 Purchase Returns 11,300 Salaries Expense 50,000 Rent Expense 15,000 Totals $436,100...
PLEASE COMPLETE THE FOLLOWING PROBLEM!! ASAP The following trial balance was taken from the records of XYZ Company on December 31, 2020. Credit Debit $ 12,000 40,000 7,000 $ 1,800 54,000 4,800 125,000 Cash. Accounts Receivable. ........... Notes Receivable. Allowance for doubtful accounts.... Merchandise Inventory.................. Prepaid Insurance.............. Furniture and Equipment. Accumulated Depreciation-Furn. And Equip...... Accounts Payable.. Common Stock.............. Retained Earnings. Sales Cost of Goods Sold... Salaries Expense. Rent Expense..... Totals. 15,000 10,800 44,000 55,000 310,000 131,000 50,000 12.800 $ 436,600...
2. Eastline Inc. at January 31, 2019, shows the following Eastline Inc Adjusted Trial Balance Partial) January 31, 2019 Credit Debit Supplies S 2,800 Prepaid Insurance 9.600 Salaries and Wages Payable Uneamed Revenue Supplies Expense 3.800 Insurance Expense Salaries and Wages Expense 7,200 Service Revenue $3,200 3,000 8,000 Instructions (20 pts) Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $3,400 of supplies was purchased...
5. The following accounts were taken from Bonita Inc's trial balance at December 31, 2020. Credit $734,900 Debit Net credit sales Allowance for doubtful accounts $12.740 Accounts receivable 301.400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020 'Bad debt expense, as adjusted $
Please do it step by step or hand writing thx 4. An officer of Ramirez Corn. purchased a new home computer for personal use with company money, charging miscellaneous expense. 5. A machine, that cost $40,000, is reported at its current market value of $45,000, Problem -2 Adjusting and closing entries. (30 points) The following trial balance was taken from the books of Fisk Corporation on December 31, 2014 Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable...
5. The following accounts were taken from Indigo Inc.'s trial balance at December 31, 2020. Debit Credit $734,900 Net credit sales Allowance for doubtful accounts Accounts receivable $12,740 301,400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020. Bad debt expense, as adjusted s